Norwest Equity Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Norwest Equity Partners has acquired 7 companies. It has also invested in 6 others.

Norwest Equity Partners’ most common sectors for investment areconsumer products (19%) and information technology (12%) . The Firm’s most common investment types include secondary buyout (37%) and buyout (lbo, mbo, mbi) (26%). In total, Norwest Equity Partners has invested in 25 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Univar Solutions for $4.2B.

In the last 3 years, Norwest Equity Partners has exited 10 companies. The Firm’s most common exit type is secondary buyout (46%). Norwest Equity Partners’ largest (disclosed) exit occurred in 2012 when it sold Becker Underwood for $1.2B.

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M&A Summary

  • M&A Total Activity114
    • M&A Buy Activity68
    • M&A Sell Activity46
  • Total Sectors Invested 30
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 44
  • M&A Advisors 12

Norwest Equity Partners

80 South 8th Street, Suite 3600,
Minneapolis, Minnesota 55402
United States
(612) 215-1600
www.nep.com
tsolow@nep.com

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $30 and $250 million, typically providing $50 to $500 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota and has office in New York City.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Environmental, Financial Services, Healthcare Services, Information Technology, Life Science, Manufacturing, Media, Medical Products, Plastics, Renewable Energy, Retail, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 10 -
Investment Size 30 250
Enterprise Value 50 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.0/yr) # 53 4 4 2 2 3 68
vol $7.3B $7.3B
Sell (2.4/yr) # 34 2 2 3 1 4 46
vol $4.5B $340M $4.8B
  114

Most Recent M&A

Company Date Value Type
Thibaut, Inc. 2021-11-10 - Secondary Buyout
Union, New Jersey · www.thibautdesign.com
Coretelligent LLC 2021-10-25 - Secondary Buyout
Westwood, Massachusetts · www.coretelligent.com
Pentec Health, Inc. 2021-10-11 - Secondary Buyout
Glen Mills, Pennsylvania · www.pentechealth.com
Focal Point Data Risk LLC 2021-08-02 - Add-on Acquisition
Tampa, Florida · www.focal-point.com
Wahoo Fitness LLC 2021-07-07 - Secondary Buyout
Atlanta, Georgia · www.wahoofitness.com
Avtex Solutions LLC 2021-03-01 - Add-on Acquisition
Minneapolis, Minnesota · www.avtex.com
recteq LLC 2021-02-01 - Growth Capital
Evans, Georgia · www.recteq.com
Red Monkey Foods, Inc. 2020-12-11 - Secondary Buyout
Springfield, Missouri · www.redmonkeyfoods.com
Surgical Information Systems LLC 2020-10-15 - Secondary Buyout
Alpharetta, Georgia · www.sisfirst.com
GoHealth, Inc. 2020-07-15 - PIPE
Chicago, Illinois · www.gohealth.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pure Archery Group 2013-06-21 Excalibur Crossbow, Inc. 2014-01-08 1
Eugene, Oregon · www.purearcherygroup.com Kitchener, Ontario · www.excaliburcrossbow.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 5 (20%) - 13 (18%) -
Information Technology 4 (16%) - 8 (11%) -
Distribution - - 4 (6%) 4.2B (57%)
Software 1 (4%) - 4 (6%) 500M (7%)
Food 3 (12%) - 4 (6%) -
Chemicals 1 (4%) - 3 (4%) 200M (3%)
Consumer Services 2 (8%) - 3 (4%) -
Manufacturing 1 (4%) - 3 (4%) -
Retail 1 (4%) - 3 (4%) -
Engineering 1 (4%) - 2 (3%) 2.4B (32%)
Communications - - 2 (3%) -
Financial Services 1 (4%) - 2 (3%) -
Insurance 1 (4%) - 2 (3%) -
Plastics - - 2 (3%) -
Media - - 1 (1%) 80M (1%)
Aerospace 1 (4%) - 1 (1%) -
Apparel/Textiles 1 (4%) - 1 (1%) -
Automotive - - 1 (1%) -
Building Materials - - 1 (1%) -
Business Services - - 1 (1%) -
Construction - - 1 (1%) -
Defense - - 1 (1%) -
Education 1 (4%) - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Environmental - - 1 (1%) -
Furniture 1 (4%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Services - - 1 (1%) -
Renewable Energy - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 25 - 71 $7.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (92%) - 68 (96%) 5.0B (68%)
  Minnesota 5 (20%) - 15 (21%) -
  Georgia 3 (12%) - 6 (8%) -
  California - - 6 (8%) 580M (8%)
  Illinois 2 (8%) - 5 (7%) 4.2B (57%)
  New York 2 (8%) - 4 (6%) -
  Wisconsin - - 4 (6%) -
  Texas 2 (8%) - 2 (3%) -
  Oregon 1 (4%) - 2 (3%) -
  New Jersey 1 (4%) - 2 (3%) -
  Massachusetts 1 (4%) - 2 (3%) -
  Colorado 1 (4%) - 2 (3%) -
  Iowa - - 2 (3%) 200M (3%)
  Kentucky - - 2 (3%) -
  Kansas - - 2 (3%) -
  Florida - - 2 (3%) -
  Tennessee 1 (4%) - 1 (1%) -
  Oklahoma 1 (4%) - 1 (1%) -
  Missouri 1 (4%) - 1 (1%) -
  Connecticut 1 (4%) - 1 (1%) -
  Utah 1 (4%) - 1 (1%) -
  South Dakota - - 1 (1%) -
  Pennsylvania - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Maryland - - 1 (1%) -
  Virginia - - 1 (1%) -
Canada 1 (4%) - 1 (1%) -
  Ontario 1 (4%) - 1 (1%) -
India 1 (4%) - 1 (1%) -
France - - 1 (1%) 2.4B (32%)
Domestic 23 (92%) - 68 (96%) 5.0B (68%)
Cross-border 2 (8%) - 3 (4%) 2.4B (32%)
Total 25 - 71 $7.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (40%) - 26 (37%) 7.3B (99%)
Buyout (LBO, MBO, MBI) 3 (12%) - 18 (25%) -
Growth Capital 8 (32%) - 15 (21%) -
Recapitalization 1 (4%) - 4 (6%) -
Divestiture 1 (4%) - 3 (4%) -
Stake Purchase - - 2 (3%) 80M (1%)
Consolidation - - 1 (1%) -
PIPE 1 (4%) - 1 (1%) -
Venture 1 (4%) - 1 (1%) -
Total 25 - 71 $7.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 21 (46%) 1.6B (33%)
Trade Sale - Public Company 12 (26%) 3.0B (63%)
Trade Sale 5 (11%) 216M (4%)
IPO 5 (11%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Unknown 1 (2%) -
Total 46 $4.8B

Top M&A Advisors

Financial Deals
Houlihan Lokey
4
Jefferies LLC
1
William Blair & Co. LLC
1
Legal Deals
Winston & Strawn LLP
7
Skadden, Arps, Slate, Meagher & Flom LLP
5
Faegre Baker Daniels LLP
4

Deal Values

buy # Total
> $1B 2 $6.6B
$100M to $1B 2 $700M
< $100M 1 $80M
TOTAL $7.3B
Largest Univar Solutions, Inc.
$4.2B (2010-11-30)
sell # Total
> $1B 2 $2.3B
$100M to $1B 10 $2.5B
< $100M 1 $24M
TOTAL $4.8B
Largest Becker Underwood, Inc.
$1.2B (2012-11-28)

M&A Connections

Deals
Acquired from
Investor(s)
38%
27 (38%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
46%
21 (46%)
Strategic(s)
39%
18 (39%)

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